ISRG

INTUITIVE SURGICAL INC

Healthcare • CIK: 0001035267

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Market Cap
$159.77B
P/E (TTM)
58.1x
Rev Growth (TTM)
+22.2%
Net Margin (TTM)
28.6%
FCF Yield (TTM)
1.4%
FCF Margin (TTM)
23.6%

Filing Intelligence

5.0/10
10-K filed Feb 3, 2026 • FYNone

Executive Summary

The company demonstrated strong growth in da Vinci system placements and procedures, driven by new product adoption (da Vinci 5) and expansion in key surgical areas.. Capital allocation in 2025...

Key Concerns

  • ●While overall procedure growth is robust, the Ion system placement experienced a decline, potentially indicating market saturation in the...
  • ●Valuation of intangible assets and goodwill requires significant judgment and estimation; changes in assumptions could require future...
  • ●Inventory valuation relies on assumptions about future demand and market conditions, with potential for write-downs impacting margins.

Key Strengths

  • ●The company demonstrated strong growth in da Vinci system placements and procedures, driven by new product adoption (da Vinci 5) and...
View Full Quarterly Insights →

LATEST EARNINGS

•
Q4 2025
•
2 months ago
•View source
Revenue
$2.87B
+18.8%
Net Income
$794.80M
+15.9%
EPS
$2.21
+17.6%
Gross
66.4%↓ -1.6%
Operating
30.1%↓ -0.3%
Net
27.7%↓ -0.7%
  • •Worldwide procedures grew approximately 18% compared with the fourth quarter of 2024, with da Vinci procedures up 17% and Ion procedures up 44%.
  • •The Company placed 532 da Vinci surgical systems, a 7.9% increase from 493 in the prior year, with a significant shift towards the new da Vinci 5 systems (303 vs 174).
  • •Da Vinci surgical system installed base grew 12% year-over-year to 11,106 systems.
  • •Revenue increased 19% to $2.87 billion compared to $2.41 billion in the fourth quarter of 2024.
View Full Earnings →

Cash Flow Health

Free Cash Flow7/8 positive
TTM$2.3B
Q3 '25
$736M+31%
Q2 '25
$560M+20%
FCF Margin
TTM23.6%
Q3 '2529.4%+28%
Sector: 0.0%Top 10%
OCF Margin30.8%
OCF/NI1.08x
CapEx Coverage4.3x
FCF Yield1.4%
FCF Growth (2Y)+28%
Cash Conversion Cycle
198 days
DSO: 47+DIO: 179−DPO: 28
View Insights from Latest Filing →View Full Cash Flow Statement →

Capital Allocation & Returns

Total Shareholder Yield
TTM0.0%
Div Yield0.0%

Insufficient data

Dividend & Payout Metrics
Dividend Yield (TTM)0.0%
Free Cash Flow (TTM)$2.3B
Stock Repurchases ()$0
Capital Return / FCF0.0%
Est. Dividends Paid (TTM)$0
Shows how management rewards shareholders

Operational Efficiency & Returns

Return on Invested CapitalTTM
14.5%
Stable
+0.0% YoY-0.7%
P25MedianP75
75th pctl (med: -0.0%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
25.6%
8Q: 25.2%
Asset Turnover
0.50x
8Q: 0.50x
Leverage (1+D/E)
1.00x
D/E: 0.00x
DuPont: 12.8% ≈ 14.5% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
2.00x
8Q:2.01x
-24.7%
Invested Cap Turn
0.84x
8Q:0.79x
+11.2%
CapEx Intensity
6.1%
8Q:9.4%
Asset-based ROIC formula
Full Analysis

QUARTERLY TRENDS

Last 8 quarters + TTM

MetricTTMQ3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023
Revenue
$9.6B
$2.5B↑2.7%
$2.4B↑8.3%
$2.3B↓6.6%
$2.4B↑18.4%
$2.0B↑1.4%
$2.0B↑6.3%
$1.9B↓2.0%
$1.9B
Operating Income
$2.8B
$759.7M↑2.2%
$743.4M↑28.6%
$578.1M↓21.3%
$734.9M↑27.3%
$577.3M↑1.8%
$567.3M↑20.9%
$469.4M↑4.3%
$450.2M
Net Income
$2.7B
$704.4M↑7.0%
$658.4M↓5.7%
$698.4M↑1.9%
$685.7M↑21.3%
$565.1M↑7.2%
$526.9M↓3.3%
$544.9M↓10.1%
$606.2M
Operating Cash Flow
$3.0B
$841.0M↑17.6%
$715.4M↑23.0%
$581.6M↓29.3%
$822.6M↑16.4%
$706.5M↑13.9%
$620.5M↑133.8%
$265.4M↑16.3%
$228.3M
Free Cash Flow
$2.3B
$735.6M↑31.3%
$560.1M↑20.5%
$465.0M↓8.9%
$510.6M↑11.3%
$458.6M↑47.4%
$311.1M↑1223.8%
$23.5M↑111.3%
$-207.2M
Total Equity
N/A
Income StatementCash Flow StatementBalance Sheet

Valuation Analysis

Fair Value
Price-to-EarningsTTM
58.1x
Volatile
8Q: 264.8x+1756%
Multiple expansion without fundamental improvement
Valuation Lenses
Earnings
58.1x
vs – sector
Cash Flow
68.3x
EV/FCF vs –
Growth-Adj
2.7xPEG
Expensive for growth
Quality-Adj
4.0P/E per %ROIC
ROIC: 14.5%
Shareholder Returns
Dividend
–
Buyback
–
Total Yield
–
Market Cap$159.77B
EV$155.12B
Multi-angle valuation analysis with sector context

Business Quality & Moat

Overall Quality Score
89/100
Exceptional

Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)

Returns on Capital

Return on Equity (ROE)Top 25%
16.2%
8Q:–
Return on Invested Capital (ROIC)Top 25%
14.5%
8Q:–
Flat
vs Sector:-0.0%

DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)

NOPAT Margin: 25.6%
Asset Turnover: 0.50x

Earnings Quality

Cash Conversion

1.08x

OCF / Net Income ✓

FCF Consistency

–

Positive quarters

Competitive Moat Indicators

Pricing Power

Gross Margin66.4%

Capital Efficiency

Invested Capital Turnover0.84x

Working Capital

Cash Conversion Cycle198 days

Growth Quality & Momentum

Quality Growth
Growth Quality Score
80/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%

Growth Rates

Revenue Growth YoY
22.2%
OpInc Growth YoY
31.6%
EPS Growth YoY
21.7%
FCF 3Y CAGR
27.7%

Growth Quality Analysis

✓Efficient Growth: Free cash flow growing faster than revenue
✓Sustainability Index: 8.5/10 - Highly sustainable growth

Margin Quality & Sustainability

Moderate
Profitability Cascade
Gross
66.4%
Operating
29.3%
Top 25% in sector
Net
28.6%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
-4.9 pts
FCF: 23.6% | Net: 28.6%

Quality = stability + cash conversion + low dilution

Balance Sheet & Solvency

Fortress
Net Debt / EBITDA
Net Cash
(0.0x)Net Cash: $4.95B
Interest Coverage
–
+Net cash position: $4.95B
Balance sheet risk & solvency analysis

Research

All research